COLUMBUS – Today Governor John R. Kasich signed the following pieces of legislation into law:
- Sub. S.B. 208 (Beagle) modifies the commercial activity tax exclusion for receipts from the sale of certain consumer products within an integrated supply chain; makes technical changes to the state income tax law, providing that, for the 2015 taxable year, any taxable business income under $125,000 for married taxpayers filing separately or $250,000 for other taxpayers is subject to graduated tax rates similar to those applicable to nonbusiness income, while business income in excess of those amounts remains subject to the existing 3% flat tax; modifies the formula for calculating reimbursement payments to school districts for their loss of tangible personal property tax revenue; and establishes a formula for making supplemental foundation aid payments to school districts in fiscal year 2017.
- Am. H.B. 244 (Speaker Rosenberger, T. Johnson) designates the tenth day of November as Armed Services, Peace Officer, First Responder, and Dual Service Recognition Day.